Billionaire businessman, Richard Branson is considering the possibility of selling his share of Virgin America airline, SF Gate reports.
Richard Branson owns 22% stake in Virgin America, company that is valued at approximately $1.5 billion. By US laws, no more than 25% of American carriers can be owned by foreign parties. While no decision was made, the options are considered.
Some of the bidders are reported to be JetBlue and Delta Air Lines, because they have similar types of routes and aircraft. The low-cost carrier makes flights to 21 destinations in the United States and Mexico.
Virgin America reported that during 2015,the carrier’s revenue increased 2.7% year-over-year to $1.53 billion, the company earned net profit $340.5 million or $7.66 per share.
Last year for Virgin America was very successful; the carrier increased its revenue to $1.53 billion while earning a net profit $340.5 million or $7.66 per share.